Evolve Business Intelligence has published a half-cooked research report on the Global Power Transformer Market, 2021–2030. The global Power Transformer market is projected to exhibit a CAGR of around 7.9% during the forecast period of 2022 to 2030.
Evolve Business Intelligence has recognized the following companies as the key players in the global Power Transformer market: ABB, SPX Transformer Solutions Inc., Calmes s.r.l, Kirloskar Electric Company, Hyosung, Bharat, Heavy Electricals Limited, Daihen Corporation, General Electric, Siemens, and Schneider Electric.
The global Power Transformer market is projected to be valued at $50.8 Billion by 2030, recording a CAGR of around 7.9% during the forecast period. A Power Transformer is a static apparatus that works on two or more windings, which, through electromagnetic induction, transforms a system of alternating current and voltage into another system of current and voltage generally of different values, which operate at the same frequency for the transmission of electrical power.
COVID-19 was a significant pandemic that had an impact on the power demand for the Power transformers. It caused a downfall in power demand from both industry and commercial, which led to halts in upcoming projects and delays in the ongoing projects. The absence of a demand for power distribution equipment resulted in manufacturers being able to reduce production and many more negative results.
The global Power Transformer market has been segmented based on the Installation, Cooling, Insulation, Rating, and region.
By Installation, the Power Transformer market is segmented based on Outdoor and Indoor. The Outdoor segment is estimated to expand at a significant CAGR, which will be a result of the increase in the development and installation of electric grids development across the globe.
Based on Cooling, the Power Transformer market is segmented based on Dry-type and Oil Immersed. The Oil Immersed segment is anticipated to hold the largest market. Oil Immersed power transformers are considered safer and more efficient for high voltage applications as the need for this type of equipment is growing.
Based on Insulation, the Power Transformer market is segmented based on Gas, Oil, Solid, and Air. The Air segment is anticipated to hold the largest market owing to several factors. Power transformers that harness air to increase the effectiveness of power transfer are becoming more popular due to their safe, practical, and flexible benefits.
Based on Rating, the Power Transformer market is segmented based on 100 To 500 MVA, 501 To 800 MVA, and > 800 MVA. The 100 To 500 MVA segment is anticipated to hold the largest market owing to the need of keeping commercial places like hotels, hospitals, and shopping malls clean and free of cross-contamination at all times.
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The Power Transformer market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa. Asia-Pacific is the global leader in power transformers, with a large number of countries requiring more electricity due to the significant increase in fossil fuel consumption. One of the largest expansions has been carried out in India and China, with much more infrastructure being needed due to demand. The North American market is forecast to expand significantly over the next few years due to factors such as a rapid increase in infrastructure and industrialization in the U.S. and Canada. Europe’s infrastructure is expected to replace the aging ones that were implemented during the past decades. This is anticipated to lead to an expansion of the market during the forecast period. Latin America and the Middle East and Africa also look promising and offer new opportunities to investors during the forecast period. This is due to a reliable network of investments in grid development in these regions.